Nigeria: Osinbajo Leads Mission to U.S Wednesday, Seeks U.S.$140 Billion to Deliver Nigeria's Energy Transition Plan

31 August 2022
This Day (Lagos)
By Deji Elumoye

Abuja — Vice-President Yemi Osinbajo will on Wednesday depart Abuja for the United States of America, to seek global partnerships and support for Nigeria's $140 billion Energy Transition Plan.

Osinbajo, according to a release issued by his Media Aide, Laolu Akande, is leading Nigeria's Energy Transition Implementation Working Group (ETWG) on the mission with meetings starting from Thursday, to promote the plan and secure global support from the US government, the private sector and other development partners.

While in the United States, the vice-president will meet his US counterpart, Kamala Harris; US Secretary of Energy, Jennifer Granholm; Secretary of Treasury, Janet Yellen and President of World Bank Group, David Malpass, among others.

Osinbajo is also scheduled to speak on Nigeria's Energy Transition Plan at the Centre for Global Development in Washington D.C.

Nigeria's Energy Transition Plan, officially launched last week at a global virtual event, is a homegrown, data-backed and multi-pronged strategy developed for the attainment of 2060 net-zero emissions commitment in five critical sectors: Power, Cooking, Oil & Gas, Transport and Industry.

Nigeria needs $410 billion to deliver the Transition Plan by 2060.

Among other highlights, the plan needs at least $10 billion per annum above business as usual spending for effective implementation.

At the launch, the World Bank and a renewable energy organization, Sun Africa, pledged a sum of $1.5 billion each totalling an initial $3 billion investment to support the implementation of Nigeria's Energy Transition Plan.

Those on the vice-president's entourage to the US include Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed; her Works and Housing counterpart, Babatunde Fashola; Minister of Power, Abubakar Aliyu; Minister of Environment, Mohammed Abdullahi; Minister of State for Petroleum Resources, Timipre Sylva and the Special Representative of the UN Secretary General/CEO for Sustainable Energy for All, Ms Damilola Ogunbiyi.

Nigeria's Ambassador to the United States, Dr. Uzoma Emenike, will also join the delegation.

The vice-president is expected back in Abuja early next week.

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